Just came across this today. Check out the last 4 entries.
I think ever since I have been an adult they question of net worth and social class fascinates me. IT seems so obvious to me there is such a swirly curvey, fine line between what makes you upper-middle class and lower-class, and lower-middle-class and all that. I like to quantify things and so I look up salary ranges for class and sometimes by salary for the area we are even considered lower class. or lower-middle-class, where I Felt we had settled for a long time, purely based on income. Though through many other factors middle-middle or even upper-middle is more explanatory.
Then I find the people who are so "poor" and whiny are all making six-figures and it just boggles the mind. The $30k cars but can barely afford their rent. No money in the bank, not a dime saved for a rainy day. Yet upper-middle-class on that six-figure salary, for sure. Yet with taxes and daycare a lot of them take home far less than my $70k wage at the end of the day. So since I am in the lowest of low tax brackets with no daycare expenses, where does that put us? I've said a million times we'd bring home less money if dh worked. Guess that put us upper-middle. But in such a high COL Area is a $100k wage upper-middle? Or should it be?
So while many of 2-income families eye our assets and assume we are in debt up to our eyeballs or make quite a wage (neither true) I always wonder where that leaves us. No one is defined by their income. The extreme complexity of the real estate market means that my dh's cousin owns his 4-bedroom 1/2 acre lot here outright since he bought in 1999 with equity from the Bay Area. HE drives a corvette and makes I imagine not much more than $30-$40k/year - no college degree. Lower class by income, extremely upper-middle class by assets and lack of debt. Hmmmmm... IT all just makes that class gap that much more wide and strange. Hard to pinpoint.
Anyway, I found this perspective of wealth (See link) from so many important angles very interesting. Probably how I think in terms of wealth, class, net worth. & I am fascinated to see hot to quantify it all - in future articles to come.
More on the Net Worth front...